Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds, then there is another chance that it could rip to 53.1-53.45. Having said that, there is work to be done below around the 50 area so I would think we could head there. IN the VST the 49.8 area is likely support below that likely the 47 area. I believe that 54-56 area is likely going to put a short term lid on upside. Above 54, there is mostly air till the 64 area. Trade safe.
Comment:
you gotta love when things pan out. We hit the 53.1-53.45 area (53.36) and now PB. If this is a pause in the larger scheme of things, I would expect another attempt to around 52.5-52.8 before heading down to the 48-49 area. There is support at the 49.87 area so lest see how this plays out.